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Satyam Silk Mills Ltd.

BSE: 503893 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Satyam Silk Mills Ltd. (SATYAMSILKMILL) - Director Report

Company director report


The Members

Your Directors have pleasure in presenting the 34th Annual Report of yourCompany together with the Audited Financial statements for the year ended on 31stMarch 2017.

Financial Results

(Amount in Rs.)

For the year ended 31st March 2017 For the year ended 31st March 2016
Profit / (Loss) before tax 1882541 936590
Less: Provision for Tax 358700 85500
Profit / (Loss) after tax 1523841 851090
Prior period adjustment 26 5130
Profit for the period carried to Balance Sheet 1523867 856220

Operational Performance

The Company is presently engaged in non - operational activities of Investment inshares and securities.


In order to conserve resources for the development of business of the Company theBoard of Directors regrets their inability to recommend dividend for the year 2016-17.(previous year on Equity Shares - Rs. NIL Per Share).


During the year under review there is no change in Directorship of the Company. Meetingsof Board of Directors

During the year under the review 4(four) Meetings of the Board of Directors of theCompany were held and intervening period between two consecutive Meetings as prescribedunder the relevant provisions of the Company Act 2013 was maintained.

Related Party Transactions j-

During the year the Company has not entered into any transaction which requires to bedisclosed in prescribed Form AOC-2 in terms of the provisions of section 134 of theCompanies Act 2013 read with Rule 8 of Companies (Accounts) Rules 2014.

Section 186

During the year under review No Loan Guarantees or investments were made / given undersection 186.

Extract of Annual Return

The extract of Annual Return for the Financial Year ended March 31 2017 in Form No.MGT-9 as prescribed under the provisions of the Section 92(3) of the Companies Act 2013and Rules framed thereunder is included in Annexure "A" annexed hereto and formspart of this Report.

Auditors & Auditors Report

M/s. H.H.Bandukwala & Co. Chartered Accounts have completed more then 10 years asStatutory Auditors of your Company. The provisions regarding rotation of auditors asprescribed under the Act are applicable to the Company. It was hence proposed toappoint M/s. Joy Dalia & Co. as the Statutory Auditors for a period of 5 years to holdoffice from the conclusion of the ensuing AGM till the conclusion of the AGM of theCompany to be held for financial year 2021-22 subject to ratification of theirappointment at every AGM during the term of their office. The Board of Directorsrecommends their appointment to the shareholders.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed M/s G.B.B.Babuji firm of Company Secretaries in Practice to undertake theSecretarial Audit of the Company. The Report of the Secretarial Audit Report is annexedherewith as "Annexure B".

Directors Responsibility Statement

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3)(c) of the Companies Act 2013:

1. that in the preparation of the annual financial statements for the year ended March31 2017 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;

2. that such accounting policies as mentioned in the Notes to the Financial Statementshave been selected and applied consistently and judgment and estimates have been made thatare reasonable and prudent so as to give a true and fair view of the state of affairs ofthe Company as at March 31 2017 and of the Profit of the Company for the year ended onthat date;

3. that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

4. that the Annual Financial Statements have been prepared on a going concern basis;

5. that systems to ensure compliance with the provisions of all applicable laws were inplace and were adequate and operating effectively.

Conservation Of Energy. Research & Development. Technology Absorption. ForeignExchange Earings & Outgo:

Since your Company does not own any manufacturing facility and since no transactionswere carried out by the Company involving either foreign exchange earnings or expensesthe requirements pertaining to disclosure of particulars relating to conservation ofenergy research & development technology absorption and foreign exchange earnings oroutgo as prescribed under the Rule 8 of the Companies (Accounts) Rules 2014 are notapplicable.


Your Directors record their sincere gratitude to its Bankers corporate lendersStatutory Regulatory Authorities for their co-operation & assistance to businessassociates vendors consultants professional agencies for their continued support andfaith in the Company during the year under review.

For & On Behalf of the Board of Directors

Rajkumar Sarawgi Deepa Bhavsar
00375257 07167937
(Director) (Director)
Place : Mumbai
Date : 29.05.2017